Social Security Benefits Increase!
The Social Security Administration has just announced a 3.2 percent increase in Social Security benefits for 2024, reflecting moderating inflation. This welcome update contrasts the significant jumps in previous years and follows a year-over-year rise in the Consumer Price Index, though notably lower than recent highs.
For an average Social Security retiree, this means an increase of approximately $50 per month, elevating the monthly benefit to $1,907 from $1,848 in 2023. While most of the 66 million beneficiaries will see this boost in January, about 7.5 million Supplemental Security Income (SSI) recipients will experience the increase in their December checks.
HCM Unlocked can play a crucial role in helping organizations and HR teams manage the implications of this announcement. As this boost impacts retirees' financial well-being, HR managers must ensure their employee benefits and compensation strategies align with these changes. It's an opportunity to reassess retirement planning, financial wellness programs, and provide guidance to employees regarding their Social Security benefits.
The experts at HCM Unlocked can assist your organization in navigating the impact of these changes and ensuring your employees are well-informed and financially secure. Let's celebrate this positive news and support the financial well-being of retirees. Let us help.💼💰